Pre Session Commentary - Detailed News

The US Commerce Department said new home sales plummeted by 6.9% to an annual rate of 607,000 in January from a revised rate of 652,000 in December. The median sales price of new houses sold in January was $317,200, down 0.6 percent from $319,100 in December and down 3.8% from $329,600 a year ago.The report also said the estimate of new houses for sale at the end of January was 336,000, representing 6.6 months of supply at the current sales rate. Compared to the same month a year ago, the annual rate of new home sales in January was down by 4.1%.

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